2015 BAN'KING AMENDMENT No.l2 principal officers or shareholders, as the case may be, of the controlling company of a banking institution; and"; (iii) in paragraph (c) by the deletion of "chief executive officer, chief accounting officer and such other officers as may be prescribed" and the substitution of "principal officers"; (iv) by the repeal of paragraph (d) and the substitution of the following paragraphs"(d) the applicant's business plan is appropriate for the class of banking business the applicant wishes to conduct; (dl) the applicant's structural organisation and internal procedures(i) are consistent with generally recognised standards of corporate governance, including those fixed or prescribed in tem1S of this Act; and (ii) are appropriate to the class of banking business the applicant wishes to conduct; and (d) (e) 6 (iii) will enable the applicant to comply with its obligations under the Money Laundering and Proceeds of Crime Act [Chapter 9:24] (No.4 of 2013); and (d2) where the applicant is part of a group of companies, the structure and governance of the group does not hinder effective supervision of the applicantorendangerthe stability of the financial system; and"; in subsection (4) by the insertion in paragraph (a) after "situated" of "and does carry on banking business in that country"; by the insertion after subsection (6) of the following subsection"(7) As soon as reasonably possible after registering an applicant, the Registrar shall inform the Deposit Protection Corporation.". New section inserted in Cap. 24:20 The principal Act is an1ended by the insertion after section 13 of the following section- "13A Notification of application As soon as reasonably possible after registering an applicant, the Registrar shall inform the Deposit Protection Corporation and cause notice of the registration to be published in the Gazette and in one or more issues of a newspaper circulating in the area in which the applicant's head office is situated.". 7 Amendment of section 14 of Cap. 24:20 Section 14 ("Cancellation of registration") of the principal Act is amended(a) in subsection (1) by the insertion after paragraph (f) of the following paragraph"(fl) the institution has knowingly or recklessly permitted its facilities to be used for the purposes of money-launde1ing or the financing of terrorism as described in the Money Laundering and Proceeds of Crime Act [Chapter 9:24] (No.4 of 2013); or"; (b) in subsection (2)(b) by the insertion after "the banking institution" of "and the Deposit Protection Corporation". 211